Using trusts for the future

William owned a bach on ten acres with a beautiful beach in front of it. The bach had been in the family for over 40 years – William had spent many blissful days there as a child.

William wanted to pass the bach on to his two children. However, he was worried that one of his children would want to subdivide the land and sell it off to fund his fairly extravagant lifestyle. So William put the bach into a family trust with his lawyer as one of the trustees. This way the bach would stay in the family and could be used by all members of the family as it grew, even after William’s death.